Lebanon's broad money supply (M3) growth slowed to 6.4% y/y in October 2013 from 6.9% a month earlier, totalling LBP 1 .643tn ( USD 111bn ) the central bank said. M3 growth remains underpinned mainly by strong bank lending, mainly to the private sector, and rising bank deposits. M2 grew 5.7% y/y in October, cooling from 6.4% the month before. M1 growth braked to a still high 10.8% y/y from 21.9% in September. Loans to the private sector (resident and non-resident) grew 7.0% ytd to LBP 70 .1tn at end-October. The dollarization rate of those loans stood at 76.7% and the ratio of total loans to total deposits reached 35.2%. Total bank deposits, including resident and non-resident private sector deposits and public sector deposits, increased 8.0% y/y and 5.7% ytd to LBP 203 .5tn at end-October accounting for 84.0% of total assets.
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